While payday loans are not legal in the state of Georgia, there are still some other options to get a cash advance or small, short-term loan. One of those options is installment loans.
An installment loan is repaid over time with a specific number of scheduled payments agreed upon by the lender and borrower. They have average APR rates but can be riddled with hidden fees. Learn how you can still get a cash advance with a 0% APR and little to no fees.
Options For Payday Loans in Georgia
Installment loans are regulated at the state level; therefore, they have specific requirements and legal obligations. With loan agencies littered across the state of Georgia, you can apply to obtain an installment loan at any of those locations.
Credit Central is one loan agency that offers installment loans to Georgia residents. The installment loan application takes around 3 hours to complete once the application is received. From there, you repay the loan in monthly installment payments that fit your budget.
What’s alarming, though, is that they don’t disclose interest rates on their website, which is a strong indicator that they’re higher than average. You can take a look at the requirements and qualifications for an installment loan through Credit Central:
Requirements – You have to be at least 18 years old to take out any loan in Georgia but with installment loans, bad credit is accepted.
Credit Affects – Installment loans get reported to the 3 main credit bureaus so if you make late payments or miss some altogether, your credit will be impacted negatively.
Stipulations – There’s no minimum on how many installment loans you may receive in a time period or how often you can get them.
Max Loan Amount – The maximum installment loan amount in Georgia is $5,000. The minimum is $1,000.
Penalties – Georgia’s minimum installment loan term is between 90 days and 36 months with a maximum APR of 225%.
Cash advances still seem to operate in Georgia, but their websites have little to no information about fees and payment schedules. Be wary of operations that aren’t up-front about their lending terms; this is usually a red flag for seemingly high-risk loans.
Payday Loan Alternatives in Georgia
In lieu of an installment loan and high APRs, you can explore options with MoneyLion where you’ll pay little to nothing in interest and fees but still receive your cash advance or loan.
Instacash
Instacash cash advances are available to anyone who has an active checking account that has been open for at least two months and shows consistent income deposits. You can qualify for up to $250 on a recurring basis.
Not only is Instacash 0% APR (that’s totally interest free), but if you opt to receive your cash within 24-48 hours, delivery is also free. It’s under $5 if you want instantaneous delivery of funds. Compare that to an installment loan lender like Greenlight Cash, and you can see just how much you could be paying back with some of the predatory lenders out there.
Credit Builder Loans
In addition to Instacash, MoneyLion also offers a Credit Builder Loan. The Credit Builder Loans aims to provide you with access to zero-interest cash advances and a loan up to $1,000 at rates from 5.99% APR to 29.99% APR depending on where you live, while also helping you build your credit score. It works like this:
Become a MoneyLion Plus member
Apply for your loan amount (up to $1,000)
Make your monthly payments
When you make your payments, MoneyLion reports your standing to all 3 credit bureaus, improving your credit score. More than half our members raised their score by up to 27 within 60 days with a Credit Builder Loan.
Compare your lending options in Georgia
Loan Source | Loan Amount | APR | Fees | Repayment Amount |
|---|---|---|---|---|
Payday Lender/Installment Loan | $1,000* | 6.63% – 225% | $300 | $1,307.18 – $1,543.75 |
Credit Builder Loan | $1,000 | 5.99% APR to 29.99% | $19.99 monthly membership fee which includes Instacash and more | Varies based on your agreed interest rate and the total you are approved for. |
Instacash | $250 | 0% | $0 – $4.99 | $250 – $254.99 |
*The minimum installment loan in Georgia is $1,000
MoneyLion, The Safer Alternative to Installemt Loans
MoneyLion’s options can be a better, financially safer alternative to installment loans. Installment loans and lenders with a high APR are often deemed predatory due to their unrealistic repayment options.
Through MoneyLion’s Instacash and Credit Builder Loans, you’ll be able to build your credit and get situated with a cash advance. Remember, never borrow more than you can afford to pay back.
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Disclosures
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
MoneyLion does not provide, nor does it guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party's failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.